Cabo Verde has introduced a new ‘Green Card’ model, according to official legal database Legis-PALOP+TL.
According to the new law, the ‘Green Card’ is available to:
- Foreigners who have purchased, for residency purposes, real estate built or under construction, with a value equal to or greater than approximately USD 90,000, in a municipality with a gross domestic product (GDP) per capita lower than the national average of Cape Verde, provided that it is paid with funds transferred from abroad;
⦁ Foreigners who have purchased real estate, for residency purposes, built or under construction with a value equal to or greater than USD 135,000, in a municipality with a GDP per capita equal to or greater than the national average of Cape Verde, provided that payment is made with transferred resources from abroad.
The assets acquired under these terms are exempt from the Single Heritage Tax (IUP) at the time of transfer, in the transfer by succession mortis causa and subject to a 50% reduction of the IUP due in the following ten years, by deliberation of the Municipal Assembly of the Municipality where the property is located.
The Green Card is a personalized, secure and non-transferable card that is issued by the Directorate of Foreigners and Borders (DEF), using the model from 31 December, and the following amounts must be paid for its issuance and replacement:
⦁ Green Card: around USD 50.
⦁ Family Reunion: around USD 20.